Bank of Spain Amends Circular on Exercise of Regulatory Options in CRR
Bank of Spain issued Circular 3/2017, which modifies the Circular 2/2014 and will enter into force on January 01, 2018. Circular 2/2014 is related to the exercise of various regulatory options contained in Capital Requirements Regulation (CRR: Regulation (EU) No. 575/2013).
The exercise of the options and powers by ECB in respect of significant entities and the guidelines issued in this respect for their exercise by the competent national authorities over less significant entities differ in some cases from those adopted by the Bank of Spain through Circular 2/2014. In view of the attribution of powers over significant entities to ECB through Single Supervisory Mechanism (SSM: Regulation 1024/2013) and the other mentioned guidance, it is appropriate to modify certain aspects of Circular 2/2014. First, its scope should be limited to the least significant entities. Second, it is necessary to adjust the content of the circular to the guidelines issued by ECB. Finally, the rules regarding transitory options that were applicable until 2017 have been eliminated.
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Effective Date: January 01, 2018
Keywords: Europe, Spain, Banking, CRR, SSM, Options and Discretions, Bank of Spain
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